TECHNICAL VIEW FOR THE WEEK 30112015:
NIFTY:
Technically Last Two Trading Days Made The Week End Candle
Looks Very Strong
On The CLOSING Basis After Such A Good Weekly Close NIFTY
Seems To Have Nearly Similar Pattern Like A DOUBLE BOTTOM
A Short Term Double Bottom At 7700 And A Medium Term Double
Bottom At 7655 And 7730
The Medium Term Structure Looks Like This
WEEKLY NIFTY:
It Is Much Better In BANK NIFTY As A HIGHER BOTTOM
For The Next Week 8034 Remains The Level From Where Some
Supply May Resume But NIFTY Manages A WEEKLY CLOSE Above 8034 We May Sell
Levels Like 8109-8217
7812 And The SUPPORT TRENDLINE Shown On This EOD NIFTY Chart
Are New STOP & REVERSE For Bullish Trades
And If We Have A Weekly Close Above 8119 We Will Resume A
New Bullish Trend
EOD NIFTY:
FOR MONDAY:
NF Has Supports At 7936-7914 And Some Resistance At 7987
Day Traders Can Go Short BELOW 7936 With A STOP At 7953 And
Targets Of 7936-7914
BANK NIFTY :
In My Last Weekly Chart Book I Wrote This For BANKNIFTY
'' BANK NIFTY Has Just Started Move
Better Than NIFTY As NIFTY Nearly Touched 7700 Twice But BANK NIFTY Remained
Above 17600 Although The Comparative Level Is 16200
Price Structure Too Looks As If BNF
May Have Made A HIGHER BOTTOM But The Problem Poor Weekly Closing''
The HIGHER BOTTOM Possibility Seems To Be Working With A
Nice Weekly Close
For The Coming Week 17300-17250 Are KEY SUPPORT Levels And
BNF Should Remain Above Them On CLOSING Basis To Maintain The Positive
Structure
A Good And Strong Close Above 17500 Will OPEN UP Further Up
Side For BANK NIFTY
If We Get Two CONSECUTIVE CLOSE Below 16931 All The BULLISH
Possibilities Will Get Negated
Probabilities Are Very HIGH In Favour Of BULLs But 16931 Can
Be The STOP For BANK NIFTY
EOD BANK NIFTY:
On Friday Itself In My Pre Market Technical View I Suggested
A BIG Day Was Due For BNF And We Did See A STRONG Bullish Day
To Continue The Trend A STRONG Close Above 17500 Will Take
BNF Towards 17900 Easily